Helping Small Businesses and Their Workers Save for the Future

A workplace retirement savings plan is an easy, effective way for small business owners to save for retirement.

This year as we celebrate Small Business Week, we want to recognize the hard work small business owners undertake to maintain their business and the enormous impact that small businesses have on our economy. Small business owners naturally want to be sure they have a secure retirement when the time arrives. As employers, they also have a key role in making a secure retirement possible for their employees.

In fact, 2 million small businesses with fewer than 100 employees already sponsor retirement plans for their employees. And among those that do, 70 percent of eligible employees choose to participate.

A workplace retirement savings plan is an effective and easy way for a small business owner and his or her employees to save for a secure retirement. And there are many retirement savings options available for small business owners to choose from.

We have information to help you explore your options and choose a plan that meets your needs. And once you start your plan, we have information to help you operate it.

And for the 3.3 million Hispanic-owned businesses in the United States that employ over 2.3 million workers, we now have this information available in Spanish. This week we are releasing Cómo elegir una solución de jubilación para su pequeña empresa to help small business owners explore and compare the features and advantages of each option to decide which is best for their business and employees. We also have information on operating a retirement plan.

Saving for retirement is easier than many small business owners think. By offering a retirement plan, they and their workers can save for the future while also benefitting from the tax advantages that retirement plans provide today. Don’t just take our word on it: Hear what some of your peers and their business accountants have said about choosing a retirement plan.

We at the Labor Department have many resources to help small business owners with their businesses. This Small Business Week, we want to help you take care of your financial future by making it easier for you to get started saving for retirement.

Mark Connor is the director of the Office of Outreach, Education and Assistance in the department’s Employee Benefits Security Administration.